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One in 10 Aussies Ditching Accountants for AI

The Daily Telegraph

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Desperate Australians are trusting AI over tax professionals to file their returns – and the ATO says the ‘guesswork’ could cost them far more than they save.

Summary

Recent survey data reveals that approximately ten percent of Australians are opting to use artificial intelligence tools rather than professional accountants to handle their tax returns. The Australian Taxation Office (ATO) has issued warnings regarding the risks of 'guesswork' and inaccurate filings inherent in current AI models, which could lead to financial penalties for users. This trend highlights emerging socioeconomic risks related to the widespread adoption of AI in regulated financial sectors and the potential for systemic non-compliance if frontier models are misused for complex legal obligations.

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One in 10 Aussies ditching accountants for AIDesperate Australians are trusting AI over tax professionals to file their returns – and the ATO says the ‘guesswork’ could cost them far more than they save. EOFY Sale Now On Unlock this story and more with your subscription Full Digital Access What’s included Unlimited articles on app & web Subscriber-exclusive newsletters A digital version of Today’s Paper Enjoy puzzles SuperCoach Plus stats & analysis while playing News in video including the 5pm Bulletin on DTTV via the app Pay As You Go No lock-in contract $4 for 4 weeksThen $32 charged every 4 weeks.* *Read the fine print Full Digital Access $4 charged for a duration of 4 weeks, after which it automatically renews at $32 charged every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. New customers only. Prices after any early discounted periods may be varied as per full Terms and Conditions. See www.dailytelegraph.com.au/subscriptionterms for full details.See www.dailytelegraph.com.au/subscriptionterms for full details. LIMITED TIME OFFER EOFY Offer Less than 45c a day for your first year $3 a week for the first 12 months($156 min. cost) charged as $12 every 4 weeks. Then $20 charged every 4 weeks.* *Read the fine print Full Digital Access 12 Month Plan costs $156 (min. cost) for the first 12 months, charged as $12 every 4 weeks. This automatically renews after the first 12 months to be charged as $20 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12 months. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. Prices after the first 12 months may be varied as per full Terms and Conditions. See www.dailytelegraph.com.au/subscriptionterms for full details. Subscribe Other subscription options Print + Digital Subscriptions Corporate Subscriptions Your Selection: $0 Your Selection – Change selection Today’s Total $0 Read the fine print Terms and Conditions Sorry, we are unable to process your request at this time. Please try again later.